Such is the state of the housing market that a London estate agent has called for the government to scrap stamp duty all together.
Wimbledon-based Luke Bennett, who founded SW19 estate agents, said that increasing the stamp duty threshold from £125,000 to £175,000 wasnt good enough to stimulate the market.
"Its important and I think stamp duty should be completely wiped out. In the worst case it should be non-existent for first-time buyers; its a massive amount of money if you think about it," he said.
"[On properties that cost] up to £175,000 theres no stamp duty but really, what can you buy for £175,000 in and around London? Nothing at all."
Across the UK, only 48.6 per cent of housing is valued at under £175,000 according to a study by Mouseprice.
This means that over half of the UK population are not in a position to upsize without paying stamp duty.
This situation could be rectified by building a conservatory or loft extension to create extra space while also adding value.